BHP competitive enough to form Chinese JV
BHP Billiton Ltd received clearance from the Australian Competition and Consumer Commission (ACCC) to form an iron ore mining and export joint venture with four Chinese steel manufacturers. The ACCC examines issues related to competitive practices in Australia. The commission gives permits only when unquestionable public benefit is apparent. With expectations that the demand for steel in China will continue to be strong, the joint venture hopes to develop long-term export relationships with purchasers in China. BHP had signed the joint venture agreement with Chinese steel makers Wuhan Iron and Steel Group Corp, Maanshan Iron and Steel Company Ltd, Liangsu Shagang Group Co Ltd and Tangshan Iton and Steel Co Ltd in September 2004.